Gold prices rebound after sell-off as SPDR Gold Trust continues to accumulate holdings

Gold prices are rebounding after a sell-off, supported by continued buying from the world’s largest gold fund. According to Muavangbac.vn, the SPDR Gold Trust bought net more than 2 tonnes of gold on April 15, lifting its total holdings to above 1,051 tonnes. This marked the second consecutive session of increased stockpiling as global gold prices gradually recover from the earlier sell-off, currently around 4,826 USD per ounce.

Fund buying and price recovery

The SPDR Gold Trust’s latest purchase added to a short streak of accumulation, coinciding with a broader stabilization in gold prices after the decline. The fund’s holdings now stand at above 1,051 tonnes following the April 15 net inflow of more than 2 tonnes.

Key drivers: Middle East tensions, USD, and inflation expectations

Gold price movements continue to be influenced by tensions in the Middle East, with spillovers through oil prices, inflation expectations, and the US dollar. As the regional situation eases, the USD’s role as a safe-haven asset can weaken, which may provide additional momentum to gold, given that the metal is priced in USD.

Even so, gold remains sensitive to broader market conditions. Michael Brown, senior market analyst at Pepperstone, said in an interview with Kitco News that the 4,800 USD/ounce level is the first resistance gold needs to clear to reinforce the upside. He noted that while the market is pricing in the possibility of a peace agreement, investors remain cautious because gold still needs more time to absorb speculative buying that pushed prices to a record high in January.

Market behavior and resistance levels

Brown added that gold is currently trading more like a higher-volatility risk asset rather than a traditional safe haven. He said the correlation with conventional drivers such as the USD or real yields appears to be weakening. In the near term, the outlook depends significantly on whether the Middle East conflict cools further. If downward pressure persists, gold may still retain a supportive base, keeping the broader trend tilted higher.

He also pointed out that gold faces headwinds even when the USD index is around 98, near its lowest level since late February.

Forward outlook: from conflict to economic vulnerability

Looking ahead, Brown said gold could regain appeal if markets shift focus from the evolution of conflict to assessing economic vulnerability. He argued that the US economy is better positioned to withstand shocks, citing that the US is a net energy exporter and has a stable consumer base ahead of a crisis.

Brown also noted that a recovery in Wall Street could support an “asset effect,” sustaining spending by higher-income groups. He further highlighted that market reactions to monetary tightening could be mixed—potentially positive if higher yields rise, or negative if higher rates weigh on growth. In either case, he said gold can still function as a hedge against an economic slowdown.